I want to be a chaebol.

Chapter 104 Backdoor listing plan (please vote for me)

Song Yi looked embarrassed, and he quickly explained, "Sister Suying, Zhuxian's mother is really my respected elder, this kind of joke is not allowed."

Song Yi talked about the origin of his acquaintance with Xu Zhuxian's mother and daughter. Song Suying looked at Song Yi with a playful look. She didn't know whether what Song Yi said was sincere.

She feels that Song Yi's mental age is very mature, and his young appearance hides a soul that understands the world, making it easy for her to overlook the age difference between the two.

Generally speaking, when young people fall in love, boys are more playful, while girls are more mature.However, in the relationship between Song Yi and Kim Tae Hee, Song Yi is mature far beyond his peers.So it's not surprising that Song Yi can become friends with Xu's mother.

Song Suying quickly apologized, "I'm sorry, but now I know that Zhuxian's mother's status in your heart is just like President Eunxuan. She is your respected elder. I will not make such jokes in the future. I'm sorry."

Song Yi was stunned for a moment when he heard what Song Suying said. Mother Xu is like Zheng Eunxuan?Song Yi quickly threw this idea away.

Song Suying felt bored watching TV alone, so she ran to the kitchen to help Song Yi.Song Yi prepared real home-cooked dishes, stir-fried pork, potato chicken wings, asparagus, shrimp and boiled kale, as well as vegetable salad and freshly squeezed juice.

In Korea, she almost saw men willing to stay in the kitchen, but she could tell that Song Yi really enjoyed it.

She cut the apple into pieces and put it into Song Yi's mouth, "You are so rich, but you still like to cook for yourself?"

Song Yi took a bite and said, "Having money and cooking are not contradictory. It's like when I go to the bathroom and the employees see me, they can't say, President, you also booed in person?"

Song Suying instantly felt that the apple in her mouth was no longer sweet, and said angrily: "A dog can't spit out ivory. Why, you still want a female secretary to support you for convenience? I have seen your female secretary, she has a great figure. Aren’t you afraid that Taixi will be jealous?”

Song Yi didn't dare to joke anymore, lest he get angry. At this time, Jin Xiyuan had come back from get off work. She habitually went to the kitchen to find Song Yi, "Song Yi, I'm back!"

Jin Xiyuan was startled when she suddenly saw Song Suying. She immediately reacted and hurriedly bent down to say hello, "Hello, Director Song!"

Song Suying glanced at Jin Xiyuan. She was actually a little curious. If Jin Taexi allowed her beautiful sister to live in her house, wouldn't she be afraid that Song Yi, a bold guy, would be watching over her?
"Executive Kim is back. Today, President Song and I went to my father's house as a guest. My father asked me to treat President Song to a meal on his behalf. President Song was not used to eating in restaurants outside, so he decided to go back to Seongbuk-dong to cook. . I took the liberty to come over today and bother you. I’m very sorry.” Song Suying said.

Song Suying treated Jin Xiyuan as a mistress in her words. Jin Xiyuan was a little embarrassed, holding her hands together, not knowing how to respond.

Song Yi immediately broke the awkward situation and said, "Today is a family dinner. We are all friends. Don't call us names. It's so special."

"Xiyuan, just follow me and call her sister Suying. Sister Suying, this is Taixi's sister, just call her Xiyuan." Song Yi said.

Jin Xiyuan was relieved. After all, Song Suying was the wife of the president of SK, one of the five largest conglomerates. She had a strong aura, so she naturally did not dare to be rude.

Song Suying knew that Song Yi was protecting Jin Xiyuan and did not continue to test, "Song Yi is right, just call me Sister Suying like Taixi. There is an art celebration at Caidi Art Museum around Christmas, and I will I’ll leave you an invitation and we will arrange business meetings for guests attending the celebration. You can just attend as a representative of New Asia Media.”

Jin Xixi was pleasantly surprised. She knew that Song Suying wanted to support her for Song Yi's sake.

Song So-young’s Chaecho Art Museum is a member of the Korea Art Museum Association.The museum holds art celebrations every year, publishes online magazines, and shares interviews with the museum’s founders, curators, and other art-related professionals with the public.

In addition to these, the museum will also invite some business people through art celebrations and arrange various business meetings so that everyone can establish a good relationship network with each other.

Private art museums in Seoul and international private art museums will also coordinate each other's art collections and hold joint exhibitions.No wonder everyone says that the Korean Art Museum is the top circle of celebrities in Korea. Many people struggle to get into this circle.

Song Yi is not married, and Kim Tae Hee is not responsible for the specific affairs of New Asia Media. Jin Xiyuan is the executive director of New Asia Media and is Kim Tae Hee's sister. It is most appropriate for her to represent New Asia at such a gathering of celebrities.

Song Yi saw Song Suying showing favor to Jin Xiyuan, and was ready to deepen their cooperative relationship with Song Suying.

"Sister Suying, our Xinya is planning to acquire Xinhan Media in the form of cash + shares. Are you interested in getting involved?" Song Yi asked.

Song Suying knew about Song Yi's brilliant record in the stock market, and she also invested US$100 million in the New Asia Capital Fund with her pocket money.Now that Song Yi is doing business and is willing to take her to make money, of course she is happy.

"How to get involved? You and I will set up a separate company and then acquire Shinhan Media? What is Shinhan Media's price?" Song Suying asked for specific details.

"I personally hold 10% of the shares of Shinhan Media. You buy the 10% shares first. After I personally separate from Shinhan Media, I will prepare to run Shinhan Media to go public."

"After Xinhan Media is listed, Xinya Media will acquire Xinhan Media in the form of stock + cash. In this way, Xinya Media will transform into a listed company. What do you think?" Song Yi said his plan.

"Backdoor listing"?Song Suying understood immediately, and she was really moved.

The advantages and disadvantages of backdoor listing are obvious. The advantages are: simple review procedures, short review cycle, and loose review standards.The sponsor’s signature is not required, the listing cycle is short, and the restructuring review is generally faster.

The disadvantages of backdoor listing are that the capital investment in backdoor listing in the early stage is relatively large and the funds cannot be withdrawn in time. Moreover, the shell resources themselves have certain risks. If there are arbitration, liabilities, tax issues, etc., it will create potential risks for listing.

New Asia Media was established less than a year ago. The conditions for a Korean company to go public require that the company be registered for more than 3 years. This condition alone does not meet the requirements.

The reason why Song Yi thought of backdoor listing was because of the case of SF Holding backdooring Dingtai New Materials in its A-share listing. SF Express borrowed Dingtai New Materials for 433 billion, and SF founder Wang Wei's net worth directly exceeded 2000 billion yuan.

If New Asia Media can successfully go public through a backdoor transaction with New Korea Media, it will be beneficial to all shareholders of New Asia Media, including Chen Zaican and his wife.

If New Asia Media wants to successfully backdoor itself, New Asia Media and Song Yi cannot personally hold shares in New Korea Media. They need to clarify the equity relationship in the middle first. Therefore, it is most appropriate for Song Suying, a third party, to acquire the shares held by Song Yi.

Now that it's money, Song Suying must be more cautious, "How much are you going to sell me for your 10% shares?"

"Xinya Media originally planned to acquire Shinhan Media for 630 billion won. Based on this calculation, you can buy 60% of Shinhan Media's shares for 10 billion won." Song Yi said.

Song Suying quit, "60 billion won? Why don't you grab it? Advertising companies are inherently asset-light. Shinhan's profit this year is at most 40 billion won. Is 8 times PE interesting enough? How can you have the nerve to value Shinhan Media at 630? [-] million won?”

"Sister Suying, please calm down first. This valuation must have been calculated by Xinya Media's accounting firm."

"Shinhan Media seems worthless, but this company has two hidden assets. First, Shinhan Media holds 30% of the equity of Yanjing New Asia Advertising, and secondly, Shinhan Media also holds "CECI" 20% of the magazine's equity. These two parts of the equity alone are worth a lot of money." Song Yi said slowly.

"Impossible. If Shinhan Media had equity in "CECI" magazine, Shinhan would not have gone bankrupt last year!" Song Suying said resolutely.

"CECI" is South Korea's most influential fashion magazine, founded in October 94.The sales volume of each issue of the magazine exceeds one million. If Shinhan Media were a shareholder of "CECI" magazine, the dividends alone would be huge every year, and it is indeed unlikely to go bankrupt.

"You are right, but I was a guest in Cangeli last time, and he told me personally. There is no lie. And this 20% equity actually has something to do with me."

"When JoongAng Ilbo separated from Samsung Group, Shinhan lost its most important media partner. In order to complete the separation as soon as possible, JoongAng Ilbo M&B Publishing Company and Shinhan reached an agreement. In the next three years, Shinhan can use 40 billion The price of Korean won was to buy 20% of the equity of "CECI" magazine." "Joongang Daily M&B played a trick. Shinhan paid the first 99 million won in March 3, and Chen Jaechan squeezed out another one in March 2. According to the agreement, Shinhan needs to spend 00 billion won in one lump sum before March 3, otherwise it will be regarded as giving up the acquisition."

"Xinhan was on the verge of bankruptcy last year, and the shares of "CECI" magazine were not obtained, and there was no way to make a mortgage with the bank, otherwise Chen Zaican would not have been desperate." Song Yi explained.

Song Yi felt strange when he was in Xinhan last year. Jin Nanyong regarded him as a thorn in his side and was very dissatisfied with him for talking about the Sanduoshui advertising case.

Since Kim Nam-yong has connections in the Seoul City Government, no matter which advertising company he goes to, he is likely to win the bid for the Cheonggyecheon public service advertisement case. There is no need to waste his time in Shinhan Media and compete with Chen Zaican for control of Shinhan Media.

It turns out that Kim Nam-yong had long known the details of the cooperation between Shinhan and JoongAng Ilbo M&B Publishing Company, and wanted to reap the benefits.

Although Internet media has developed rapidly in the past two years, "CECI" magazine has always been the vane of Korean fashion. Even "ELLE Korea" and "Vogue Korea" cannot shake its status in the slightest.

Song Yi remembered that "CECI" magazine later cooperated with "Yanjing Youth Daily" to publish the fashion magazine "CECI Sisters" in the mainland, which also had a circulation of 78 copies.

Without Song Yi's involvement, the equity of "CECI" magazine would either have been taken advantage of by Kim Nam-yong, or taken back by the JoongAng Daily M&B Publishing Company. This equity is now worth at least tens of billions of won.

After listening to Song Yi's story, Song Suying now feels that spending 60 billion won to buy 10% of Shinhan's shares is not outrageous, and there is not much premium.

Song Suying didn't even have the heart to eat now, and discussed the details of the backdoor listing with Song Yi.Because this plan is divided into two steps. The first step is to help Shinhan Media be listed on the Korean Stock Exchange. The second step is for New Asia Media to acquire Shinhan Media and Shinhan Media’s shares in the form of cash + stocks. The name was officially changed to SHINA Media.
"Xinhan plans to be listed on the main board or the GEM?" Song Suying asked Song Yi.

The Korean Stock Exchange is divided into KSE and KOSDAQ, the former is the main board and the latter is the GEM.The former is designed for large and medium-sized outstanding companies, while the latter is designed for small and medium-sized innovative companies. The former is more biased toward manufacturing, while the latter is biased towards emerging industries such as the Internet.For example, when Actoz was launched in August, it chose KOSDAQ.
"Of course it is listed on the main board. Otherwise, if the backdoor transaction is successful, we won't be able to raise much funds." Song Yi replied.

If all goes well, New Asia will be successfully listed on the backdoor in the second half of next year. Song Yi plans to raise US$20 billion to US$25 billion from the Korean stock market at one time.

Listing on the main board shall be based on the date of submission of pre-listing application. The company's operating period must not be less than 3 years, which Xinhan certainly meets.

Quasi-listed companies require net assets of no less than 100 billion won or a total market value of more than 200 billion won, which is acceptable.

Shinhan Media's assets range from 500 billion won to 1000 billion won, and it needs to issue 100 million shares.

宋熠查过韩国主板上市的门槛，其中门槛最低就是条件A：最近三年销售额平均200亿韩元（1.1亿人民币）以上，最近1年300亿韩元以上（约合1亿6500万）。

The annual operating profit, total profit and net profit for the most recent year were positive.The net profit in the most recent fiscal year cannot be less than 25 billion won, and the cumulative profit in the past three years cannot be less than 3 billion won.

For example, if the accounting firm uses the three-year financial data of 99, 00 and 01, it does not matter even if all losses were incurred in the first two years. As long as Shinhan's three-year operating income exceeds 600 billion won, the operating income of 01 will be Collected more than 300 billion won. If the net profit in 01 is greater than 25 billion won, it meets the listing requirements of the Korean Main Board.

Song Suying also thought about this problem, "Although I don't know much about Shinhan, as a small and medium-sized advertising company, Shinhan's three-year revenue cannot achieve the target of 600 billion won, unless Shinhan's revenue this year increases." Rapid growth——"

Song Suying suddenly realized, "Are you planning to fake it?"

Song Yi coughed, "How could I make such a low-level mistake as financial fraud?"

Song Suying folded her hands on her chest and looked at Song Yi, "Tell me, besides me, who else are you planning to bring on board this time?"

According to Song Suying's estimate, Shinhan wants to achieve revenue of 600 billion won, unless the revenue in 01 can reach 500 billion won, which is obviously not something Song Yi can do alone.

It saves trouble to talk to smart people. Song Yi revealed, "Before New Year's Day, New Korea Media will sign long-term advertising cooperation agreements with SK, LG, Hyundai Group, and Asan Group. The contract amount in the first year is 520 billion won."

It's not surprising that Song Yi chose Zhou Mengzhun to join forces. Xinhan Media is listed, and Hyundai Securities is the sponsor and underwriter of Xinhan Media. As for Asan Group, it is Song Yi's back garden. "How did you convince LG to agree to cooperate? After all, LG Group also has its own advertising company LG Ad?" Song Suying was a little curious.

"I have a good relationship with Gu Guangmo of LG Group. Through him, I contacted Chairman Gu Bensheng. This is related to the plan of Asan Electronics and LG Electronics to jointly build factories in the mainland. The specific details will not be disclosed to you."

"However, Chairman Koo Benzheng also clearly informed me that although LG Group will sign a long-term cooperation agreement with Shinhan, it will actually only pay the first year's fees, and Hyundai Group is no exception." Song Yi said.

Song Suying was amazed. Anyone with a discerning eye could see that Song Yi's plan was actually financial fraud, but no matter how strict the regulatory agency was, they couldn't find fault.What's more, Song Yi also roped in four companies, SK, LG, Hyundai and Asan, to endorse Xinhan Media.

And the most cunning thing is that Song Yi and Xinya Media have been hiding behind the scenes, so Song Suying's purchase of Song Yi's stocks is also an important part of it.This backdoor listing plan is interconnected and highly feasible.

Song Suying pretended to be in trouble, "I don't have any problem here. When I buy your Shinhan Media shares, there will be no problem if SK Group and Shinhan sign a long-term advertising agreement."

"While I can still have a say in the SK Group, I can force this cooperation agreement to pass, and it will only be 200 billion won evenly shared with the SK Group, which is nothing." Song Suying agreed to Song Yi's plan.

Song Yi sighed, looking at the tone of the president's wife, hundreds of millions of yuan in funds don't count.However, Song So-young's Choi Butterfly Art Museum spends 200 billion won every year to purchase artworks from all over the world for exhibitions and collections. Thinking about it this way, perhaps in the eyes of SK Group, 200 billion won is really just a small amount of money.

Cui Anyuan is currently in prison, and there is no need for SK Group employees to touch Song Hye Young's bad luck.

Song Suying was a little embarrassed and hesitated to speak.Song Yi understood immediately and signaled Jin Xiyuan to leave, leaving Song Suying to talk alone.

"Song Yi, let me be honest with you. SK Group's 200 billion won in advertising expenses is nothing, but it is not easy for me to personally spend 60 billion won to buy the shares of Shinhan Media." Song Suying was a little bit. Excuse me.

Song Yi felt the same as Ming Jing. Song Suyinggui is the wife of the president of SK Group. She does not have much private property in her name. It is impossible for her to sell SK Group's stocks. Such a move would be too big, and she does not have much private property in her name. How much SK stock.

Song Yi held Song Suying's hand and patted the back of Song Suying's hand, "Sister, don't worry, I will personally lend you 50 billion won to acquire the shares I hold in Shinhan Media. After Shinya's backdoor listing is successful, , just sell the stocks and return them to me."

For Song Yi and Xinya Media, the most indispensable thing is cash. Otherwise, Song Yi would not have thought of acquiring Xinhan Media in the form of cash + stocks to achieve the goal of backdoor listing.

Song Suying was very moved. 50 billion won was not a small number. Song Yi borrowed it as soon as he asked, which showed Song Yi's trust in her.

"Song Yi, if Xinya Media fails to backdoor itself and Xinhan's stock keeps falling after it goes public, I won't be able to sell the stock for much money, and your 50 billion won may be wasted by then. Are you afraid? "Song Suying said.

If Shinhan Media is successfully listed and New Asia Media's backdoor merger fails, Song Suying will have to pass a six-month lock-up period before she can sell Shinhan Media's shares.If Hyundai Group and LG Group do not renew their advertising cooperation agreement, Shinhan Media’s stock price is likely to decline for a long time.

Song Yi smiled, put his mouth close to Song Suying's ear, and made a joke. "I'm not afraid. If Sister Suying really can't pay, then I'll pay with her flesh."

Song Suying didn't expect that Song Yi would actually want to tease her at this time, and she felt a little strange. She pretended to be calm, "Five billion won for sleeping? Then I am willing to move to your house, but there are already two goblins in your house, and I am afraid of you I’ll be too busy by then.”

　Today is another [-] words, see you all tomorrow
　　
　
(End of this chapter)